US president Donald Trump has suggested that America and China could be on the verge of agreeing a new trade deal following a weekend of talks between the two nations.

A long-standing trade war has been dragging on after the two largest economies imposed a series of tit-for-tat tariffs on each other starting last year, but negotiators have reportedly been inching closer to a resolution and a new deal ahead of a March 1st deadline.

In a statement to governors at the White House, Mr Trump said: "We're going to have another summit, we're going to have a signing summit, which is even better, so hopefully we can get that completed, but we're getting very, very close."

The president went on to suggest that he may invite Chinese president Xi Jinping to his resort in Florida in the near future in order to come to some kind of agreement.

Meanwhile, Mr Trump took to Twitter to confirm that he would be delaying an increase in tariffs on Chinese goods that had been set to take effect last week following what he called "substantial progress" on high-priority issues.

It is not known for how long this delay will apply, but it is sure to be a relief to China in comparison to the extra 15 per cent of tariffs on $200 billion worth of Chinese goods that would otherwise have come about.

A statement released to Chinese news agency Xinhua also expressed positivity about a future trade deal being agreed, with trade negotiators agreeing that "substantial progress on specific issues" had been achieved.

If a trade agreement is reached, it is likely to be the most comprehensive ever seen between China and the US.